People are flocking to Phoenix, and it’s not just the snowbirds.
The U.S. Census Bureau’s latest report cites Phoenix as having the highest population growth in the country from July 2015 to July 2016. In an article published by the Phoenix Business Journal, more than 32,000 people moved to Phoenix during this time; Los Angeles, California was named second and San Antonio, Texas, third.
Nearly a decade ago, Arizona was one of the hardest markets hit by the housing recession, leading to hundreds of thousands of foreclosures. In 2011, Arizona sat as the second hardest hit state in the nation for foreclosures, according to CollegeDegrees.com, and in 2014, AZ was still reeling near the top of the pack.
Fast forward to 2016, and Arizona’s foreclosures have dropped beneath pre-recession levels. RealtyTrac.com reported last summer that in the second quarter of 2016, Arizona was 13 percent below pre-recession average, and still maintaining today.
The population boom is definitely to be celebrated amongst Phoenicians and its surrounding suburbs. Climbing out of the recession, a growing population translates to more business and investor opportunities, more commercial and housing building and more federal funding for infrastructure, transportation and programs.
This is all great news for the real estate and mortgage industries, and 2017 is looking promising as well with Economist Lee McPheters from the Arizona State University’s W.P. Carey School of Business projecting a two percent population growth.
VIP Mortgage has branch offices throughout the Valley including branches in Peoria, Scottsdale, Anthem and Chandler. Our loan officers are available to help both existing home owners looking to refinance and homebuyers looking to finance a new home. Please contact us anytime and let us assist you with your financial needs.